Google Inc. said that it will lay $68.2 million in cash, or $2.12 per share, on the table for Global IP Solutions Inc.(GIPS), a San Francisco, CA-based provider of voice and video over IP networks.

GIPS's board of directors has recommended the offer to the company's shareholders, 90 percent of whom must accept the deal for it to go through.

Officials said that the transaction already is backed by owners of 50 percent of GIPS's shares, including Kistefos Venture Capital, which owns about 11.9 million shares representing 37 percent of the company's outstanding issues. Read more